Shared by
pstark89
Whats the Setup: Bear flag into 9 and 20 ema's
Where are EMA's: Above
EMA's-Direction & details: Flat
Time Frame Alignment:Yes
Volume: Heavy
Market action: Lower
Stop: 197.65 (shot up too fast before I could exit at stop
Target: 196
R/R: 9:1
Reasons for exits: Stopped out.
Notes:
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-03-19 13:15:42 | TSLA | sell | $197.500 | short |
| 2015-03-19 13:19:03 | TSLA | buy | $197.790 | 0 |
Comments
pstark89
I was looking at the 5 min where it was seeing lower lows and setting up for what looked like a bear flag. The stock broke out of its trend line on the daily because of a bunch of hype that the CEO had a big conference call. Once the call was over, the stock just tanked yesterday. Unfortunately, it had another small bounce where I took my short so got stopped out. I think in this case it was a shot worth taking. I wish I would have been watching when that last bounce failed again and I should have reshort it.
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Notice on the daily chart that the previous day actually broke out of the trendline. That tells me to look intraday for a long entry. There really wasn't one other than the ORB at the open. Even though you would have made a lot of money shorting this stock if stops were the proper place, I believe where you entered was also a bullish trend line break on teh intraday chart. One thing I learned after 18 months of going back and tryning to figure out how this trade could have worked (simple in hindsight in this case ... stop above previous high around 200) is to instead go back and see if this was a stock I should have been in from the gitgo.